Blockchain to decentralize agricultural sector
Nov 06, 2017 Posted / 3070 Views
We have been witnessing the highs, lows and various utilization of blockchain. It is such so powerful that it has led to driving up the game for bitcoin in no time. Bitcoin has crossed $6,500, and blockchain is proving its mettle in various fields. Blockchain has proved it moral fiber for cryptocurrencies and now it's time to conquer other sectors as well. The blockchain technique can be applied to all types of transactions covering agricultural sector as well. Blockchain can abridge slipshod and scams while revamping the food quality and safety along with farmer pay and transaction period. The agro-industry should be swarming up with elation about the coming amalgamation of blockchain technologies. Moreover, such kind of technological transformation frequently come with unpredicted risks and disadvantages.
Blockchain has the potential to upgrade the traceability and transparency factor in the agricultural industries. Its capacity to rapidly track the beginning of food products which can be an indispensable aid during the deterioration of events. Using blockchain, the regulators can come to know about the origin of the contaminant and also learn about the scope of affected products. If the reports and response from the food companies come out quickly, this can lead to preventing deterioration of health, will put a limit to food waste.
The transparency that blockchain concept can provide can also be quite remarkable in fighting the food fraud. All types of the transaction from low to high whether at the farm or factory it can be observed and communicated across the entire supply chain if it gets paired with paired with IoT technologies like sensors. Blockchain technology can help to stop price extortion as well as a delay in payments, simultaneously discarding intermediaries and lowering transaction fees.
No doubt blockchain can transform agriculture but that result depends on the future. This technique will receive numerous chances to win as security in food becomes a challenge due to of climate change. However many hurdles can cease the development in the blockchain adoption. The contrasting theories in regulation might prevent adoption. To find the correct balance of versatility within customized blockchain systems might permit everyone to reap the benefits of this powerful technology.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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